Bitcoin, the leading cryptocurrency, is in the spotlight once more as it surpasses the $40,000 mark. Despite a year of economic uncertainties and market challenges, Bitcoin’s resilience is unmistakable. The burning question now is: What’s next for Bitcoin? Will it climb back to the $70,000 mark? Let’s take a look at this Bitcoin Ticker article in more detail.
As of now, the price of Bitcoin is $41,741, and it has been traded with a volume of $38.79 billion in the past 24 hours. Bitcoin’s market cap stands at $816.50 billion, and it has a market dominance of 52.28%, indicating its significance in the cryptocurrency market. In the last 24 hours, the price of Bitcoin has increased by 5.98%.
The highest price Bitcoin ever reached was on November 10, 2021, when it hit an all-time high of $68,770. On the flip side, the lowest price was recorded on July 17, 2010, at its all-time low of $0.050000. Since the all-time high, the lowest price observed was $15,599, and the highest was $42,131. Currently, the sentiment for Bitcoin’s price prediction is bullish, and the Fear & Greed Index indicates a score of 74, which reflects a greedy market sentiment.
In terms of its supply, there are currently 19.56 million Bitcoins in circulation out of a maximum supply of 21.00 million. The yearly supply inflation rate is 1.79%, resulting in the creation of 343,849 BTC in the last year. Bitcoin holds the top position in both the Proof-of-Work Coins sector and the Layer 1 sector based on market capitalization.
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Bitcoin Ticker: When is Bitcoin’s halving scheduled for 2024?
A significant event for Bitcoin, called “Bitcoin Halving,” is expected around late April 2024. This event occurs approximately every four years and is a crucial part of how Bitcoin manages its money supply. During the halving, the reward for creating new bitcoins through mining is cut in half, slowing down how quickly new bitcoins are produced.
In the past, these halving events have often led to an increase in the price of Bitcoin because less new supply meets increasing demand. People expect that the 2024 halving will follow this trend, possibly causing the price of Bitcoin to go up even more as the available supply becomes limited.
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Bitcoin Ticker: How High Will The Bitcoin Price Go?
Over the past year, Bitcoin has exhibited a remarkable surge, boasting a substantial 146% increase in its price. This exceptional performance has outshone 82% of the top 100 cryptocurrencies, showcasing Bitcoin’s dominance and resilience in the market.
Notably, it has even outperformed Ethereum, a key competitor in the cryptocurrency space. The consistent upward momentum is underscored by the fact that Bitcoin is currently trading above its 200-day simple moving average, indicating sustained positive trends.
Additionally, the prevalence of 17 green days in the last 30 days, accounting for 57% of the period, further underscores the bullish sentiment surrounding Bitcoin.
Trading in proximity to its cycle high, Bitcoin demonstrates its robustness and market strength. With high liquidity, as reflected in its substantial market capitalization, and a relatively low yearly inflation rate of 1.79%, Bitcoin continues to assert itself as a leading and resilient cryptocurrency in the evolving financial landscape.
Looking ahead to 2024, many people are speculating about whether Bitcoin could reach or go beyond its highest price of $70,000. To reach this goal, Bitcoin would need to increase by less than twice its current price. This seems doable based on its past performance and the upcoming halving event.
The upcoming halving event is expected to make people feel positive about the market, just like it did in the past when prices went up a lot. So, hitting or going beyond $70,000 in 2024 not only could happen but also seems more and more likely.
The prediction for Bitcoin’s price in the next 30 days looks at how it has been going up or down in the past month. According to this prediction, in the next few days, Bitcoin might be traded at $45,800, showing a gain of more than 10%.
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